President FPCCI hopeful about single digit interest rate by early 2025

Islamabad: While welcoming reduction in interest rates by 2.5 percentage points in the Monetary Policy Statement (MPS), Mr. Atif Ikram Shaikh President Federation of Chambers of Commerce and Industries has expressed the hope that the government would make sure single digit interest rate by the start of 2025.

He said the government is on the right track and the present move demonstrates the  willingness of the government to listen to the concerns of the business community, represented by the Federation of Pakistan Chambers of Commerce & Industry (FPCCI).

President FPCCI Atif Ikram Shaikh said this reduction will provide much-needed relief to the private sector, helping to boost economic growth and development.

However, he added in the same breath that the government would still have a long way to go. The private sector is calling for further reductions, targeting an interest rate of 12.5% by December 31st and 9% by June 25th next year.

“I believe these rates will enable businesses to flourish, create jobs, and contribute to the country’s economic prosperity,” he stressed.

President FPCCI Atif Ikram Shaikh further commended the government for taking this positive step and urge it to continue working towards creating a more favorable business environment. By doing so, he said, we can unlock Pakistan’s full potential and achieve sustainable economic growth.